GaN Based Power Device Market Size, Emerging Trends, Forecasts, and Analysis

Stratview Research has published a new report titled “GaN Based Power Device Market” which is segmented by Product Type (Thermoplastic UD Prepreg, Thermoplastic Fabric Prepreg, Commingled Yarn, and Others), by Fiber Type (Carbon Fiber CFTs and Glass Fiber CFTs), by Resin Type (PPS, PEEK, PEI, PP, and Others), by End-Use Industry Type (Aerospace & Defence, Automotive, Consumer Goods, and Others), by Temperature Type, by Region Asia-Pacific [China, Japan, India, and Rest of Asia-Pacific], and Rest of the World [Brazil, Saudi Arabia, and Others]).

Report Highlights

As per the study, the GaN Based Power Device Market is estimated to grow from USD 119.3 million in 2020 to USD 719.7 million by 2026 at a healthy CAGR of 35.8% during the forecast period.

This report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can affect the market dynamics of the industry. It provides thorough analysis of the market segments which include products, applications, and competitor analysis.

The market is bifurcated into various segments. Below given is the segment-wise analysis -

Based on end-use, the GaN-based power device market has been classified into automotive, consumer electronics, aerospace & defense, medical, information communication & technology, others. The information communication & technology segment accounted for the largest market share of more than 22% in 2020. This is mainly attributed to the growing adoption of the Internet of Things (IoT) technology. IoT devices demand cost-effective and efficient components which facilitate a constant exchange of information.

By region, the North American GaN Based Power Device market accounted for the largest share of almost 33% in 2020 and is expected to grow at a significant CAGR during the review period. The GaN Based Power Device market growth is mainly propelled by rising investments by the defense & aerospace industry in R&D. Also, the governments in the region are encouraging the adoption of energy-efficient devices and are offering contracts to different companies, further bolstering the regional market growth.

The Asia-Pacific GaN Based Power Device market is expected to grow at the highest CAGR of more than 8% during the review period. The regional growth is ascribed to rapid technological advancements which are resulting in an increased demand for efficient & high-performance RF components. China and Japan are some of the largest manufacturers of consumer electronics, such as smartphones, LED display devices, and gaming consoles, among others, thereby boosting the regional market growth.

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